Bilking government agencies of publicly disbursed entitlements is now a national pastime, and when COVID struck, it only got worse. As Uncle Sam began rolling out one relief program after another, several bad actors moved into place to see how much of that money they could get without doing anything…
A Chicago woman will spend the next five years in federal prison after authorities convicted her of using the identities of dead people to commit fraud against the federal government. According to the authorities, the woman used the identities to apply for benefits, some of which were disbursed during the coronavirus…
Federal authorities have just unsealed an indictment against seven defendants accused of identity theft and draining the bank accounts of their victims. According to the indictment, they stole over $1 million in funds from unsuspecting victims draining their accounts of tens of thousands of dollars at a time. The scheme…
A staffer has been accused of stealing nearly $2 million in payroll from other employees at the Art Institute, according to a federal indictment. The staffer is accused of diverting funds meant for other employees into his own bank account. The fraud went on for nearly 10 years before it was discovered…
Two FTX associates have pleaded guilty to charges including wire fraud, commodities fraud, and securities fraud amid the crypto collapse that temporarily destabilized the U.S. economy. Amid the allegations leveled at the company are accusations that they kept no discernable ledger for transactions, did most of their bookkeeping with QuickBooks,…
A benefits specialist for the CTA is facing federal fraud and embezzlement charges related to the withdrawal of $350,000 worth of pension benefits related to deceased employees. She has since been charged with five counts of wire fraud. Each count carries a maximum sentence of 20 years in federal prison,…
A man has been sentenced to 90 months in federal prison after eight years as a fugitive in Utah. The man was charged in connection with the theft of over $2.2 million from his employer when he worked as a bookkeeper. The defendant was responsible for paying invoices to vendors,…
She was the “first African-American woman” to hold the title of Director of Special Investigations for the State of Illinois. She was the only woman to ever hold the position. She was the only African-American to ever hold the position. She was the only person ever to have held the…
Most folks do not understand how our economic system really works. What is a bank? What is a security? What is a corporation? Folks who have general ideas about what the concepts mean tend to be misinformed. As an example, most folks believe that banks use deposits to issue loans.…
Everyone has heard of insider trading, but what is it really? Essentially, as an “insider,” you are not allowed to make beneficial trades unfairly. To prove insider trading, the federal government must show that the information was embargoed or confidential prior to the execution of the trade. In this case,…